SEDONA Corporation Announces First Quarter Results; Company Continues Growth Trend
KING OF PRUSSIA, Pa.--(BUSINESS WIRE)--May 16, 2001--SEDONA(R) Corporation (NASDAQ:SDNA) (www.sedonacorp.com), a leading provider of Internet-based Customer Relationship Management (CRM) solutions for small and mid-sized financial services companies, today announced unaudited results from the first quarter ended March 31, 2001.
Revenues from the first quarter were $441,000 and bookings were at a record of $545,000. The sales backlog was also at a record level of $1,187,000 at the end of the first quarter. Net loss for the quarter was $3,984,000 or $0.12 per share versus a loss of $1,607,000 or $0.06 per share a year ago. The first quarter included operating expenses of $2,064,000.
The Company said that it has successfully raised $1.6 million of equity funding since the end of the first quarter, $1.1 million of which came from a group of private investors, and the remaining $500,000 from a strategic alliance partner.
Chief Financial Officer Bill Williams commented, "The first quarter results are in line with achieving our stated revenue goals for the year. From an earnings standpoint, some one-third of operating expense was pared in the first quarter compared to the fourth quarter of 2000. Further, the operating loss was the lowest since the second quarter of 2000 taking into account several special charges. The first quarter was even more notable for the fundamental accomplishments in expanding our business partner relationships. With the progress in the first quarter, SEDONA is now an established business partner with industry leaders such as IBM Corporation and Jack Henry & Associates, and has developed the capability to significantly expand its customer base. As we look to the balance of 2001, we are excited about the potential sales growth these distribution channels can provide."
Accomplishments early in 2001 include:
-- Announced impressive contract wins including City National
Bank of CA and The Dime Savings Bank of NY, FSB.
-- Created the Center of Excellence to enhance customer service
capabilities
-- Introduced Marketing Solution Services to help financial
institutions outsource some or all of their strategic
marketing programs.
-- Introduced Privacy program designed to help financial
institutions comply with Gramm-Leach-Bliley Act
-- Held multiple Intarsia training seminars and webcasts for
business partners
-- Announced availability of Intarsia on IBM iServer and eServer
platforms
-- Achieved Advanced Business Partner status with IBM
PartnerWorld for Developers
-- Announced Business Partner relationship with Jack Henry &
Associates
"In the first quarter of 2001 we continued to invest in our products, services, organization and channel distribution partners. We also successfully trained a large number of sales and marketing personnel from our channel partners on SEDONA's CRM solutions," added SEDONA President and CEO, Marco Emrich. "While the first quarter results reflected mainly our direct sales channel, we have now transitioned into a multiple sales distribution strategy, which will afford SEDONA the opportunity to greatly accelerate the growth of the company."
CONFERENCE CALL: SEDONA will hold a Conference Call at 11:00 AM - EDT on Friday, May 18, 2001 for interested investors, analysts, and portfolio managers. To take part in the Conference Call dial 888/604-5272 (Domestic) or 908/228-5002 (International) about 5 to 10 minutes prior to 11:00 AM and ask for the "SEDONA Conference". You will then hear a presentation by Marco Emrich, President and CEO of SEDONA. There will be a Q&A period following Mr. Emrich's presentation.
REPLAY: For those unable to participate in the "live" Conference Call, a replay will be made available from about 3:00 PM-EDT on May 18, 2001 to 11:59 PM, Friday, May 25, 2001. To take place in the replay, please dial 888/892-2234 (Domestic) or 815/639-8923 (International). |
